First investment - VA loan - Utah

[Jacob Scholes]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $342,000

We lived here for a year then did a refinance from my VA loan to a conventional loan so that I could use the VA loan to purchase another house to live in while we rent out the first house. We also tried hosting on AirBNB for a few months during the summer, while that worked out, I think we'd want one in more of a vacation destination to do it long term.

What made you interested in investing in this type of deal?

I wanted to buy a property that my wife and I could live in as I transitioned out of the military.

How did you find this deal and how did you negotiate it?

MLS, we were long distance before moving so we found an agent that would do video showings.

How did you finance this deal?

VA Loan

How did you add value to the deal?

we didn't, but the market gave us 25% equity after a year, so we were pretty lucky.

What was the outcome?

we are in the process of buying our send house and listing this one for rent.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jake Thurston seems pretty good at dealing with VA loans, he is our agent. David Allen is a good mortgage broker, he was good at working around any issues we ran into funding a deal.